The Study of Long-Term Stock Performance after single Treasury Stock Repurchases

• Main Authors: Miao-Hsiang Shih, 施妙香
• Other Authors: 林允永
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/38777499915286615903

碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 96 === The study investigates the markt responses for treasury stock repurchases in Taiwan, The main purpose of this thesis is to examine the long-run stock performance following share repurchase announcements during the period from January 2001 to October 2007 for companies to buy back their own shares one time only . Event study is used to test price reactions of stocks and factor may affect the abnormal return bystatistical testing. The empirical evidence show that : 1.The market has positive response for the long-run stock performance after open market repurchases. 2.Compared with stock performance effects of repurchases among industries, there are significantly different between industries. 3.The accumulative abnormal returns have significantly positive correlation with the firm size. 4.About the stock performance effects of repurchases purpose, the performance of the purpose of maintain firm credit and shareholder right is better than that of the purpose of transfer shares to employees 5.The companies with high carry-out ratio have positive response for the long-run stock performance effects. 6.Firms with high book-to-market value have significant positive cumulative abnormal returns than those with low book-to-market value.